Beltone, Kandil Glass Sign EGP 250M Sale, Leaseback Agreement
Date
12/27/2023 4:06:44 AM
(MENAFN- Daily News Egypt)
Beltone financial Holding, one of the fastest-growing financial institutions in Egypt, announced Tuesday that its wholly-owned subsidiary Beltone Leasing and Factoring has signed a sale and leaseback agreement worth EGP 250m with Kandil Glass, one of the largest producers of glass containers for various industries in Egypt and the Middle East.
The agreement involves the sale and leaseback of Real estate assets and production lines owned by Kandil Glass for five years, aiming to assist the company in financing its working capital and investment needs to support its growth plans.
Amir Ghannam, CEO of Beltone Leasing and Factoring, commented:“We are thrilled to announce our strategic partnership with Kandil Glass, a leading company in the glass manufacturing industry. As we embark on this exciting venture, our commitment is to expand our leasing and factoring portfolio, reaching new horizons and diversifying our customer base across various sectors, with a particular focus on export-oriented industries. We are confident in our ability to persist in delivering the most innovative leasing and factoring products and services to our valued customers.”
Khalil Kandil, Chairperson and CEO of Kandil Glass, commented:“We are delighted to have Beltone Leasing and Factoring as our esteemed partner in this significant deal. The exceptional professionalism and expertise of their team were apparent throughout the entire transaction, and we extend our sincere gratitude for their prompt execution and unwavering support. This collaboration marks a pivotal moment for us, reinforcing our position as a leader in the glass manufacturing industry. It not only signifies a successful partnership but also strengthens our strategic expansion plans.”
The Egyptian glass industry is a vital sector that generates employment opportunities and serves as a catalyst for various industrial activities, meeting local consumption and export demands. Kandil Glass is a venerable figure in this landscape, being one of the oldest and most established glass manufacturers in Egypt and the Middle East, tracing its rich history back to 1865. The company's enduring legacy and commitment underscore its integral role in contributing to the vitality and growth of the regional glass industry.
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